PHILADELPHIA — The 76ers fired general manager and team president Billy King on Tuesday and replaced him with New Jersey Nets general manager Ed Stefanski.

King, who had been with the franchise since June 1997, had said he was using this season as the start of a three-year rebuilding plan. The Sixers are 5-12 and in last place in the Atlantic Division. After reaching the NBA finals in 2001, Philadelphia has missed the postseason three of the last four years and King traded former MVP Allen Iverson to Denver last December.

"We have a good plan in place, but we needed a fresh approach in the leadership of the franchise," Sixers chairman Ed Snider said.

Stefanski served as New Jersey's general manager since 2004.

"He's been a big part of our success here the last seven years," Nets president Rod Thorn said. "He's a wonderful guy. Very competent. I'm sure he'll do a great job there." Even with the Sixers in last place in the Atlantic Division, the timing comes as a bit of a surprise. Snider had never publicly wavered in his support for King and let him make both the Iverson trade and select three first-round draft picks last June.